Radiant Capital receives $51M exploit on BNB Chain and Arbittrum.
Radiant Capital was robbed of more than $51 million by Arbitrum and BNB Chain. More than $32 million was stolen from Arbitrum, while BNB Chain accounted for about $18 million.
Radiant Capital suffered an exploit on October 16, when hackers defrauded the decentralized financial lender of more than $51 million.
On-chain security platform Anelia first alerted the crypto community to the attack, which affected the omnichain currency market Ethereum Layer-2 Arbitrum instance and the BNB Chain.
We noticed a lot of transfers from user account 0xd50cf00b6e600dd036ba8ef475677d816d6c4281 in the contract. Please revoke your approval as soon as possible. The new implementation appears to have vulnerability functions,” Palo Alto Networks and Binance Labs-backed platform pointed out.
Data from blockchain security and on-chain intelligence firm Arkham Intelligence revealed details related to the attack.
Stolen funds
According to Ansilia, the exploitation began with a backyard contract. The attacker spent more than $51 million from the two cases. The stolen funds include packaged BNB, ETH, USDT and USDC as well as other tokens.
The hacker's wallet address shows that they hold $32 million in assets based on arbitrage and $18 million in BNB Chain. Most assets are in ether derivatives wstETH and weETH.
Following the exploit, Radiant Capital released an update, revealing that the team had enlisted the help of external security providers to patch the exploit. Also like BNB Chain and Arbitrum, the DeFi platform has announced that it has stopped trading on Base and mainnet.
Radiant Capital's token RDNT fell nearly 6% to trade lower at $0.067.
